CANADIAN LIFE AND HEALTH INSURANCE SHOWS STRONG GROWTH ACROSS THE BOARD IN 2017
News ReleaseRelease Date: 09/27/2018 Staff Reference: Wendy Hope
Toronto, September 27, 2018 - The Canadian Life and Health Insurance Association (CLHIA) today released the 2018 Edition of Canadian Life and Health Insurance Facts. This year’s “factbook” shows that the demand for life and health insurance products continues to grow in both domestic and international markets. “This demonstrates that Canadian and international policyholders continue to understand the positive impact that insurance products can have on their financial and physical health and well-being,” notes CLHIA President and CEO, Stephen Frank.
In 2017, the total number of Canadians holding insurance grew to almost 29 million, and the industry paid $92 billion in claims (or $1.8 billion a week) up 4.3% from 2016. Further, Canadians employed in the industry grew to 155,200 – this growth in employment has been averaging some 2.5% over the past 10 years. The growth of the industry extends beyond our borders with foreign operations of Canadian insurers almost doubling in the past five years. Most of this growth has occurred outside North America and the industry now provides coverage to almost 55 million international customers.
The industry continues to be one of the country’s most important sources of long-term capital, with total assets in Canada growing to almost $860 billion in 2017, including $42 billion in infrastructure investments.
About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99% of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, retirement solutions and supplementary health insurance to almost 29 million Canadians.
For more information please contact:
Wendy Hope, Vice President, External Relations